Albany, N.Y.-based BST & Co. CPAs has acquired the finance, management and accounting services company CFO for Hire, also of Albany. The firm will operate as BST.
The acquisition will enhance and complement BST’s current service offerings of tax planning, financial consulting and business valuation by providing companies with an outsourced alternative for day-to-day accounting services. All 19 staff members employed by CFO for Hire have made the transition to BST.
The new division will be led by Jim Lozano, who founded CFO for Hire in 2000 and has grown the company from two clients at its inception to 84 clients in 2016. Under BST, CFO for Hire will continue to serve clients throughout the Capital Region, Central New York and Mohawk Valley, while expanding its offerings to businesses in the Hudson Valley.
“This addition is an opportunity for us to take advantage of the growth opportunities available to us in upstate New York while bringing BST’s signature brand of service to new businesses,” says Ron Guzior, MP of BST & Co. “Jim has built an outstanding operation that meets a demand unique to many closely or family-held businesses and not-for-profit organizations.”
“When I began CFO for Hire nearly two decades ago, it was in response to seeing the clear need for a permanent financial solution for companies that simply do not require full-time, in-house accounting personnel,” Lozano says. “We offer businesses the opportunity to have a team of expert finance and accounting staff at their disposal, without the overhead costs.”
Under the BST banner, CFO for Hire will continue to offer a variety of basic bookkeeping and long-term accounting services individually designed to meet each client’s needs. Companies served include closely held businesses in a variety of industries, as well as not-for-profit organizations.
The division’s team members, who have experience ranging from accountant to CFO level, visit the designated client’s office on a routine basis to conduct hands-on services, including accounts payable/receivable, collections, financial statement preparation and analysis, budget preparation, month-end closing and account reconciliation, financing and capitalization assistance, as well as investor and board of directors relations.
CFO for Hire also provides oversight of internal financial staff, and can assume the role of interim chief financial officer by offering oversight of a company’s accounting and finance departments.